Shell Profit Rises; Revenue Drops

Refining, Chemicals
Record Higher Margins
Offsetting Weak Output

LONDON -- Royal Dutch Shell PLC said first-quarter net profit rose 5.6%, as higher refining and chemical margins more than offset the continued impact of Nigerian unrest and lower oil prices.

The rising profit underscores the merits of being an integrated oil major, as refining and chemical margins make up for lower crude-oil output and prices. The trend was also apparent in quarterly results from Chevron Corp. and Exxon Mobil Corp.